MicroStrategy has appointed former Binance.US CEO Brian Brooks, along with Jane Dietze and Gregg Winiarski, to its board of directors, expanding the board to nine members. This announcement follows MicroStrategy's inclusion in the Nasdaq-100 Index, effective December 23. Brooks, who previously served as acting Comptroller of the Currency, is noted for his significant connections in the banking and crypto sectors.
The S&P 500 and Nasdaq Composite reached new highs, while the Dow faced its eighth consecutive loss as investors await the Federal Open Market Committee's interest rate decision. Despite a positive trend in new highs, breadth data indicates underlying market weakness, with more decliners than advancers. Nvidia's stock correction continues, raising concerns about future sales, yet analysts remain optimistic about tech stocks' growth driven by the AI Revolution.
MicroStrategy's stock surged nearly 5% following its announcement of acquiring an additional 15,350 bitcoins for $1.5 billion, bringing its total holdings to approximately 440,000 bitcoins. The company will also join the Nasdaq 100 on December 23, replacing three other firms. Despite skepticism from some analysts regarding its strategy, MicroStrategy's shares have skyrocketed over 580% this year.
MicroStrategy has acquired 15,350 BTC for approximately $1.5 billion, marking its sixth consecutive week of purchases, and increasing its total holdings to 439,000 BTC valued at $45 billion. This acquisition, funded by selling 3.8 million shares, comes ahead of the company's inclusion in the Nasdaq-100 index, which is expected to enhance its financial flexibility for future Bitcoin investments. With a year-to-date yield of 72.4%, MicroStrategy aims to reach its goal of accumulating $42 billion in Bitcoin.
U.S. stock futures are up as investors anticipate the Federal Reserve's interest rate decision this week. Bitcoin has pulled back after reaching over $160,000, while Palantir, MicroStrategy, and Axon Enterprise will join the Nasdaq 100. Broadcom's stock rises following its $1 trillion market cap, whereas Super Micro Computer's shares plummet amid its removal from the Nasdaq 100 and efforts to raise capital.
Dow Jones, S&P 500, and Nasdaq futures will open Sunday evening, with the final Federal Reserve meeting of 2024 scheduled for Dec. 17-18, where a quarter-point rate cut is expected. The stock market had a mixed week, with the Nasdaq slightly up, driven by gains in Alphabet, Tesla, and Broadcom, while Nvidia lagged amid rising Treasury yields. Palantir, MicroStrategy, and Axon Enterprise will join the Nasdaq 100 index, replacing Moderna, Super Micro Computer, and Illumina.
MicroStrategy, Palantir Technologies, and Axon Enterprise will join the Nasdaq-100 on December 23, replacing Illumina, Super Micro Computer, and Moderna. MicroStrategy's inclusion is expected to attract around $2.1 billion from ETFs tracking the index, potentially driving its stock price up to $600, as it serves as a proxy for Bitcoin investments. Following the announcement, Bitcoin saw a slight increase, trading above $102,000 million.
MicroStrategy, led by Michael Saylor, will be added to the Nasdaq-100 Index on December 23, joining Palantir Technologies and Axon Enterprise. This inclusion positions MicroStrategy among the 100 largest stocks by market capitalization, enhancing its visibility in the investment community, particularly for those seeking Bitcoin exposure. The move has sparked excitement in the crypto industry, with analysts predicting significant implications for institutional investment in Bitcoin.
MicroStrategy, a major player in Bitcoin investments, will join the Nasdaq 100 index on December 23, potentially boosting demand for its stock, which has surged over sixfold this year. The company's market cap stands at approximately $90 billion, despite generating less than $500 million in revenue over the past year. With 423,650 bitcoins in its possession, MicroStrategy continues to leverage its position in the crypto market, aiming for future inclusion in the S&P 500.
XRP is poised for a potential breakout as it trades within a descending price channel, with critical resistance at $2.50 and support near $2.30. Meanwhile, MicroStrategy is expected to be added to the Nasdaq 100, following a significant stock surge and a massive Bitcoin purchase. Bitcoin miners have reached a milestone, earning $71 billion, coinciding with Bitcoin's price surpassing $100,000 for the first time.
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